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#895504 - 01/29/08 05:08 PM Condo building
MarieR Offline
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In the GIR it states that for loans on individual condominiums or cooperative units to use code 1 (1-4) not code 3(multifamily). What if we take all the units, not just an individual condo? I still think it will be code 1 and not multifamily, but would like some other opinions. Thanks
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#895527 - 01/29/08 05:25 PM Re: Condo building MarieR
hmdagal Offline
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You have a number of 1-4 family dwellings, so that's the code you would use.

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#895637 - 01/29/08 07:04 PM Re: Condo building hmdagal
MarieR Offline
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Thanks Hmdagal- it always makes me feel better if someone else concurs with me.
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#902167 - 02/08/08 05:27 PM Re: Condo building MarieR
Need Help Offline
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When referring to occupancy, the HMDA Guide defines multifamily dwellings as those housing five or more families. Based on this, wouldn't you consider condo units in groups of five or more, such as apartment conversions, purchased by the same borrower, to be multifamily dwellings.

Thanks.

bb

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#902178 - 02/08/08 05:31 PM Re: Condo building Need Help
hmdagal Offline
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No. You have multiple 1 - 4 family dwellings.

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#908612 - 02/21/08 11:55 PM Re: Condo building hmdagal
Chocaholic Offline
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I'm confused..if purchase of an apartment building, occupancy coding isn't multifamily..please give me an example of what is.. thx.

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#908626 - 02/22/08 01:48 AM Re: Condo building Chocaholic
Dan Persfull Offline
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Bloomington, IN


[quote]wouldn't you consider condo units in groups of five or more, such as apartment conversions[/qu9te]

The apartments were converted to condos, therefore they are now individually title units and are now 1-4 family dwellings.
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